Brent rises towards $77 as Omicron concern eases

Helped by OPEC+ suppliers, Brent crude oil rose towards $77 on Monday due to hopes that the Omicron COVID-19 variant will have a limited impact on global demand in 2022, even as US crude came under pressure from flight cancellations amid surging cases. Brent has risen by more than 45 per cent this year, supported by recovering demand and supply cuts by the OPEC+. The fall of oil prices urges action to maintain the supply at the right level. Investors eye the OPEC+ meeting on January 4, in which the producer alliance will decide whether to go ahead with a planned 400,000 barrels per day (bpd) production increase in February. OPEC+ stuck to its plans at its last meeting to boost output for January despite Omicron.